Azerbaijan's Economy Minister Mikayil Jabbarov and Turkmen President Serdar Berdymukhamedov have discussed transport and energy cooperation between the two countries.
During the meeting, the parties stressed the need to intensify the established fruitful relations in the trade, economic, transport, and energy sectors.
They emphasized the importance of using the favorable geographical locations of the two countries, creating favorable prerequisites for the formation of transcontinental transit-transport corridors, providing the most favorable land and sea routes for the transportation of goods, and their integration into the international transport infrastructure.
Turkmen president noted that the successful implementation of projects to form new transport corridors will serve to strengthen inter-regional and bilateral relations.
"It is also important to increase cooperation in the energy sector, which is strategic for the national economies of Turkmenistan and Azerbaijan. The development of this sector is a priority for both states with the largest oil and gas deposits," he said.
The sides also noted the need to strengthen the role of the bilateral Intergovernmental Turkmen-Azerbaijani Commission on Economic Cooperation as a coordinating body for the development of relations in various sectors. In addition, they stressed the importance of holding bilateral forums, which will contribute to the development of relations between the entrepreneurs of the two countries.
Mikayil Jabbarov arrived in Turkmenistan on an official visit on May 10. The purpose of the visit was to discuss the development of cooperation between the two countries in the political, trade and economic, cultural and humanitarian spheres, fuel and energy, transport and communications.
On January 21, 2021, Azerbaijan and Turkmenistan signed a memorandum of understanding over the joint exploration of the Dostlug gas field. According to experts' estimates, the Dostlug gas field contains natural gas and 60-70 million tons of oil.
Azerbaijani President Ilham Aliyev said that the signed agreement opens a new page in the development of the Caspian Sea's hydrocarbon resources.
"This project will contribute to the strengthening of the energy security of our countries, as well as our neighbors. This project opens up great export opportunities, thereby contributing to the growth of the well-being of our peoples," the president said.
In his turn, the Turkmen president noted that the signing of the memorandum marks a new stage in the energy cooperation between the two countries in the Caspian Sea.
The deal will enable future transport of Turkmen hydrocarbons to Europe via Azerbaijan, thereby bolstering Azerbaijan’s position as a regional energy hub and Europe’s energy provider.